Colorado Securities Commissioner Gerald Rome has obtained an emergency court order to halt stock offerings by a Colorado Springs firm, who's owner is accused of spending investors' money on his own extravagant lifestyle.

The emergency court order stops Joseph David Ryan and his companies, collectively known as Madyson Investments, from making stock offerings.

The complaint alleges that Ryan and his companies — doing business as Madyson Capital Management LLC; Madyson Equity Group LP; Madyson Holdings Inc., Madyson Realty Fund I LLLP, and Madyson Realty Partners LLC — committed securities fraud by misleading investors and using the money to fund an extravagant lifestyle.

According to the allegations by the Division of Securities, Ryan, the sole control person of Madyson Investments, offered and sold securities to at least 78 Colorado residents and more than $13 million in investments.

Read more at the Denver Business Journal: